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According to the report the couple have also drafted a "comprehensive parenting plan" to ensure they are both involved in raising their three school-age children - a teenage boy and two younger boy-girl twins.

The couple made an amicable split in October 2011 but the divorce comes on the back of a disappointing year for Blank whose NFL side lost to the 49ers in this year's NFC Championship Game.

More bad news: Arthur Blank watched his NFL team's Super Bowl hopes dashed by the 49ers. It today emerged he has been served with divorce papers by his wife

No effect: When Arthur and Stephanie Blank announced their separation they said it would have no impact on Blank's business interests including the Atlanta Falcons, pictured. They are now planning a full divorce

A statement released via The Arthur M.Blank Family Foundation at the time said they would 'remain great friends'

'Arthur and Stephanie have decided to separate from their 16-year marriage.'

'They remain great friends and are committed to working together to parent their three wonderful children.'

'They are also both as committed as ever to their philanthropic work and business enterprises in the community.'

'This is a sad and difficult time for Arthur, Stephanie and their family'.

The statement added that the separation would have no effect on Blank's business enterprises.

According to TMZ the secret divorce deal covers all areas including the couple's Buckhead home.

Blank founded Home Depot alongside Bernard Marcus when the two were fired as Vice President of Finance and CEO respectively.

He has been a major U.S. philanthropist giving away $250million to charity via his foundation and signing The Giving Pledge, vowing to give away a least 50 per cent of his wealth to charity.

Through the influence of his wife the foundation has focused on helping young people across Georgia.

According to her LinkedIn page Stephanie Blank is still heavily involved in the area, chairing the Early Education Alliance for Ready Students and acting as a member of the Georgia State Advisory Council on Early Childhood Education.

It also says she stepped down as a trustee of the Family Foundation last year.